Magnite (NASDAQ:MGNI) Price Target Raised to $17.00 at Bank of America

Magnite (NASDAQ:MGNI) had its target price upped by Bank of America from $15.00 to $17.00 in a research note published on Monday morning, Benzinga reports. The firm currently has a buy rating on the stock.

Several other research analysts have also commented on MGNI. Lake Street Capital began coverage on shares of Magnite in a research note on Thursday, July 25th. They set a buy rating and a $21.00 price target on the stock. Susquehanna restated a positive rating and set a $14.00 price target on shares of Magnite in a research note on Thursday, May 16th. Needham & Company LLC restated a buy rating and set a $15.00 price target on shares of Magnite in a research note on Tuesday, July 9th. Evercore ISI increased their price target on shares of Magnite from $13.00 to $15.00 and gave the stock an outperform rating in a research note on Monday, June 3rd. Finally, Wolfe Research began coverage on shares of Magnite in a research note on Tuesday, July 16th. They set an outperform rating and a $16.00 price target on the stock. Twelve research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Magnite presently has an average rating of Buy and a consensus price target of $16.29.

Magnite Trading Down 4.0 %

Magnite stock opened at $13.96 on Monday. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.79. The firm’s 50 day moving average price is $13.67 and its two-hundred day moving average price is $11.22. Magnite has a twelve month low of $6.28 and a twelve month high of $15.92.

Magnite (NASDAQ:MGNI) last released its quarterly earnings data on Wednesday, May 8th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.11) by $0.05. The firm had revenue of $130.55 million for the quarter, compared to analyst estimates of $123.77 million. Magnite had a negative net margin of 12.24% and a positive return on equity of 3.23%. On average, analysts forecast that Magnite will post 0.38 EPS for the current year.

Insider Activity at Magnite

In related news, CAO Brian Gephart sold 16,166 shares of the firm’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $15.00, for a total value of $242,490.00. Following the transaction, the chief accounting officer now directly owns 121,169 shares in the company, valued at approximately $1,817,535. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Magnite news, CAO Brian Gephart sold 16,166 shares of the stock in a transaction on Monday, July 15th. The shares were sold at an average price of $15.00, for a total value of $242,490.00. Following the completion of the sale, the chief accounting officer now directly owns 121,169 shares of the company’s stock, valued at approximately $1,817,535. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO David Day sold 19,077 shares of the stock in a transaction on Monday, July 15th. The shares were sold at an average price of $15.00, for a total transaction of $286,155.00. Following the completion of the sale, the chief financial officer now directly owns 430,755 shares of the company’s stock, valued at $6,461,325. The disclosure for this sale can be found here. In the last three months, insiders have sold 254,479 shares of company stock worth $3,636,179. 4.30% of the stock is owned by insiders.

Institutional Trading of Magnite

Hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings in shares of Magnite by 1.3% during the 1st quarter. Vanguard Group Inc. now owns 12,818,197 shares of the company’s stock worth $137,796,000 after acquiring an additional 166,522 shares during the period. Wellington Management Group LLP lifted its holdings in shares of Magnite by 1.8% during the 4th quarter. Wellington Management Group LLP now owns 2,939,541 shares of the company’s stock worth $27,455,000 after acquiring an additional 52,129 shares during the period. Burgundy Asset Management Ltd. lifted its holdings in shares of Magnite by 1.1% during the 1st quarter. Burgundy Asset Management Ltd. now owns 2,457,031 shares of the company’s stock worth $26,413,000 after acquiring an additional 25,921 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Magnite by 1.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 975,662 shares of the company’s stock worth $9,113,000 after acquiring an additional 16,062 shares during the period. Finally, Norges Bank bought a new position in shares of Magnite during the 4th quarter worth about $8,164,000. 73.40% of the stock is owned by institutional investors.

Magnite Company Profile

Magnite, Inc, together with its subsidiaries, operates an independent omni-channel sell-side advertising platform in the United States and internationally. The company's platform offers applications and services for sellers of digital advertising inventory or publishers that own and operate CTV channels, applications, websites, and other digital media properties to manage and monetize their inventory; and applications and services for buyers, including advertisers, agencies, agency trading desks, and demand side platforms to buy digital advertising inventory, as well as an independent marketplace that connects buyers and sellers.